NU Online News Service, June 4, 2:56 p.m. EDT
Lawyers for Maurice "Hank" Greenberg, former chairman and CEO of AIG, argue in a court filing that the Federal Reserve Board did not have unlimited powers when it moved to aid AIG in late 2008, and that some of its actions breached its duty to AIG shareholders.
The filing was in response to a Federal Reserve Board of New York filing in April calling on the court to dismiss a lawsuit that Greenberg—individually and as a shareholder of what was then an AIG subsidiary, Starr International—brought last November against the Fed.
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